Swift, a leading private equity real estate firm, was seeking the best solution to complete the office space on
a recently acquired office building in Millbrae, California. Utilizing its creative credit-based structure to
finance tenant improvements, Dolfin worked collectively with Terra Real Estate Capital, LLC to source the
most efficient loan execution to achieve Swift’s financing objectives, which included maximum leverage,
competitive pricing, and term flexibility.
Dolfin and Terra facilitated a 13-year credit-based loan for Swift. The structure was tailored to:
- Fund $84M in acquisition and tenant improvement costs.
- Provide pre-payment flexibility.
- Provide predictable fixed payments at a competitive rate with a transparent, credit-based
financing structure.
Dolfin created a unique and flexible financing structure that creatively met the needs of ownership and the underlying tenant.They provided acquisition and improvement costs in a single, credit-based loan that allowed us to optimize our capital strategy while providing maximum flexibility to us in our future disposition strategy.
Jack Waldsmith, Director, Swift Real Estate Partners
This approach delivered several advantages for Swift:
- A single source for both acquisition and tenant improvement financing.
- An innovative, credit-based financing structure that boosted proforma IRR.
credit-based lease
